Stablecoin DEX Mercurial rebrands to distance itself from FTX
Quick Take
- Stablecoin exchange Mercurial rebranded to “Meteora” and scrapped its MER token.
- MER holders will receive Meteora’s new token offering equivalent to their present holdings.
- The rebrand is an attempt to distance the stable asset trader from FTX, which had hosted the MER token offering last year.
Stablecoin DEX Mercurial is rebranding to Meteora in an attempt to distance itself from FTX.
Mercurial, which provides liquidity for major stable and pegged assets on Solana, said it will replace its MER tokens with Meteora tokens. Out of a supply of 100 million Meteora tokens, 20% will circulate and be and fully liquid, while 80% will be given to the DAO to manage.
There were "vast amounts of MER involved in FTX," Mercurial Fi said in a blog post, noting FTX had hosted Mercurial's token sale in 2021. "In light of the events around FTX/Alameda, we need a token reset to ignite user interest, build up market confidence and set the foundations, community & ecosystem-wise, for our project to succeed long-term," it said on Twitter.
MER had fallen more than 46% to $0.0077 cents since the early November implosion of FTX, according to price data from CoinMarketCap.
MER price activity from CoinMarketCap.
FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Its founder Sam Bankman-Fried has since been extradited from the Bahamas to the U.S.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
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